Australian SMEs face a range of economic news, from rising interest rates to higher gas and electricity prices to supply chain challenges.
The knock-on effect is that many small businesses are being forced to raise prices at the very time their customers are in crisis. cost of living crunch.
The Australian Bureau of Statistics recorded the largest increase in retail prices since the introduction of GST in 2000. This includes March’s 1.8% rise and his 1.7% rise in June.
Trading conditions in the coming months remain difficult to predict, but there are a few ways you can help keep your customers loyal even when price increases are necessary.
No one likes a price hike, but it’s widely recognized that the current environment has hit everyone in their hip pockets, so being honest about your situation is an important first starting point. There is a possibility that
If you’re forced to raise prices significantly, update your website to notify customers or post on social media to spread the word and avoid confusion and surprises at the checkout counter.
Build value into your offering
Whether it’s offering samples or gifts with purchase, free gift wrapping, or free greeting cards, there are cost-effective ways to remind customers of the value of your business, even when prices are rising.
We encourage you to consider partnering with another small business to exchange discount codes and reward customers while helping another company build its potential customer base.
Providing useful and unique content after purchase also helps add value to your customers. For example, you can follow up with an email with installation, styling instructions, or maintenance tips. Perhaps consider leveraging your industry expertise to provide value-added content, such as tips for styling the latest summer trends or tips for growing vegetable patches.
This has the added benefit of encouraging customers to come back for new purchases they had not previously considered.
make personal connections
Bringing a personal touch to customer interactions is one way small businesses can highlight their unique value over their larger competitors.
Customers often appreciate hearing directly from business owners instead of automated bots. This helps build relationships and ultimately loyalty.
Another way to strengthen your personal connection with your customers is to solicit reviews, testimonials, and respond to feedback on social or Google review channels. This shows that we listen to our customers and value their feedback.
Similarly, if you receive negative feedback or reviews, consider replying briefly and then take the discussion offline to see if you can resolve it.
Keep your website up to date
Keeping your website up to date is another tool that helps keep customers coming back and driving new business activity.
Making sure your products and services are updated is one way to keep customers checking in, and adding new content regularly helps keep new customers coming back.
You should also consider regular reviews of your website to ensure that your information is current and that your tone and style match your vision as your business evolves. This may include checks to ensure that details are correct, inventory levels are accurately displayed, and social channels are properly linked to the website.
Whether you’re raising costs to meet economic trading conditions or simply revamping your business’s pricing strategy, you’ll need honest communication, demonstration of value, building personal connections, and a website. You can maintain customer loyalty by following tactics such as regular updates of for your business.
How to keep customers loyal even if you have to raise prices
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